Strategic Talent Management & Succession Planning
17 November, Delhi – 18 November, Mumbai ( Holiday Inn )
Immediate return of investment on successful succession planning, design & management.
On November 17-18, 2016, 1-Day Succession Planning Forum hosted by Programic Asia’s India team. Opening the event, Razum Rajan, Project Manager at Programic Asia, stated how demonetization of Rs 500, Rs 1000 notes relates to the significance of Succession planning “If I would have done Succession Planning for my 500`s and 1000`s and have stocked enough 10`s, 20`s and 100`s I would have saved myself from all the trouble to stand in the never ending bank queues to get the demonetized currency exchanged and if the currency of our country could die such sudden death, imagine what risk do we possess by not having a strong succession plan for the human capital requirements of our company`s corporate strategy”. We need to track talent like schools track the progress of their students and maintain a pool of talent – there is a lot we can learn from the way schools do this. We ought to know who our top 20% and bottom 20% are and then have a plan to manage and develop them with a projection for them to fit in not just one but multiple key roles in future ensuring best in class succession strategy.”
The training went on to explain that monitoring talent can become more difficult as companies grow and that having somebody in the business who is thinking strategically about talent at every level, and is tracking it with succession planning for key roles as one of the top priority is essential.
Participants were in agreement that development and Succession planning of employees is central to retention, “Each employee should have a clear projection of himself about his future possibilities within the organization spread into at least 3 different key role so as to ensure that even if one role is not vacant he can fill in the next best alternative available”, said Bikram Nayak, Head Talent Management, L&T Construction.
Some companies focus all of their succession planning efforts on “high potential individuals,” whereas others create a succession plan for everyone from the moment they are onboard. The benefit of focusing on high-potential workers is you can channel more resources and coaching toward those employees with the greatest promise. The risk is that you overlook great people and alienate and frustrate the rest of the employees, which can impact morale and turnover. Most successful organization focus on everyone.
Developing leaders internally takes time and effort, but these homegrown candidates are more likely to be successful than external candidates. These outside hires also get paid more, but get lower marks in performance reviews during their first two years on the job.
Key Takeaways: –
Using the past to plan for the future: You need to choose leaders whose skills align with future goals. To avoid this trap, make sure succession plans align with the long-term strategic vision of the business.
Stopping at the CEO: The best succession planning programs at least address the entire leadership team as well as senior management. Succession planning is a multi-person event. If one person moves up, it creates a new hole and that can ripple through the organization.
Not getting the Board onboard: CEOs and HR often think they have a succession plan in place only to discover the board disagrees. It’s a big mistake to assume the viability of a candidate in your mind without vetting it with the board. The best programs incorporate the board of directors in planning and keep them up-to-date on development efforts to ensure everyone is on the same page.
Allowing human capital roadblocks to take root: When talented people top out in leadership roles, they can prevent the next generation from moving up. The best companies avoid these roadblocks by creating new positions, collaboration opportunities and stretch assignments so future leaders have room to grow.
The wrong people making decisions: CEOs aren’t in the best position to choose their successor, because they often are more focused on their current legacy than the company’s future goals. The best companies involve HR and the board when making succession-planning decisions.